INCENTIVE & REWARD PROGRAMS
Engaged employees directly impact the bottom line. Incentives can be put in place to encourage certain behaviors or outcomes. People weigh an incentive’s value by how difficult it is to earn. If the goal is unattainable, the incentive will not produce the desired result. An effective rewards program must be attainable to engage employees.
Doctors ask whether financial or non-financial incentives are more effective. Although everyone enjoys receiving financial rewards, money alone does not buy happiness and it does not retain employees. Wages and benefits are the equalizer when an employee is considering where to work. It is the sense of value the employee feels from the leader and team that will make the difference in staying or leaving.
Research has shown that when employees feel a sense of belonging and are recognized for making a positive difference, they are more likely to stay long-term and put forth their best efforts because they feel appreciated and connected to their leaders and team.
Ideas for Rewards:
Financial: cash, gift cards, team bonuses, paid time off
Team events: catered lunch, dinner, and play, shopping afternoon, family day at an amusement park
Non-Financial: team member of the month award, notes of appreciation, advancement opportunities, additional leadership role, continuing education
Want to learn more ways to incentivize and reward your team so that you sustain employee retention? The LCP Team is happy to help take your team to the next level! Click here to schedule a conversation with an LCP team member! We look forward to serving you and your team!